How to Become a Millionaire- The Millionaire Calculator

How to Become a Millionaire

You can become a millionaire by inheriting a million dollars or more- that is the easiest way!  As long as you still have one million dollars after paying taxes on the inheritance, you're all set.  But most people do not have wealthy relatives who will leave them enough money to become a millionaire.

You can become a millionaire by landing a high paying job such as a doctor, CEO, or professional athlete.  Some highly paid individuals make more than one million dollars every year from their job.  But earning such a high salary takes hard work and years of training- and not everyone has the skill and talent to earn a high salary.

What else can you do to become a millionaire?  The most realistic way for most people to become a millionaire is through investment.  If you invest a small amount of money slowly and steadily, you can become a millionaire.  But how much do you need to invest, and how long will it take to become a millionaire?

The Millionaire Calculator

This JavaScript calculator will tell you how long it will take to become a millionaire.  The investment goal is set at 1 million dollars.  Enter your starting investment amount (it is zero if you haven't started investing yet), and enter the amount you can invest every month.  Click "Compute" to find out how long it will take to become a millionaire.

Millionaire Calculator by Dr. Penny Pincher How long to reach your financial goal? Copyright (c) 2014. All Rights Reserved http://pennypincherjournal.blogspot.com

INPUTS

Enter Investment Goal ($):

Enter Starting Investment Amount ($):

Enter Monthly Investment Contribution ($):

Enter Average Annual Rate of Return (%):

Adjust for Inflation?: Enter annual inflation rate (%):

Adjust for Capital Gains Taxes?: Enter capital gains tax rate (%):

RESULTS

Time to Reach Investment Goal (years):

Amount Obtained in Current Dollars ($):

Total Gains from Investment ($):

Total Capital Invested ($):

How Long Will It Take To Become a Millionaire?

You can adjust parameters in the Millionaire Calculator such as your rate of return on investment, and whether or not inflation and capital gains tax is taken into account.  The long-term historical return from the stock market averages about 8% per year, so this is a reasonable figure to use for planning.  The long-term inflation rate is around 3%.  If you want your future investment to be worth 1 million dollars in today's dollars, you will need more than 1 million dollars.  Prices tend to go up over time due to inflation.  For example, a car that costs $35,000 today might cost $70,000 years in the future.  You can check the "Adjust for Inflation" box on the calculator so that your investment will have 1 million dollars of value in the future when each dollar does not buy as much.  As a result, you will need to get more than 1 million dollars to reach your goal.

Capital gains taxes are taxes that are collected when the value of your investment goes up.  The good news is that you may be able to avoid capital gains taxes if you invest in retirement accounts such as ROTH, IRA, or 401K plans.  If you just want to put money in the stock market and take it out any time without any restrictions, then you'll likely need to pay capital gains tax.  You can check the "Adjust for Capital Gains Taxes" box on the calculator to see how this affects the length of time to reach 1 million dollars through investing.

Read more about how to get rich through investing.

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Investment Calculator- How Long to Reach Retirement?

Investment Calculator

This investment calculator determines the time to reach your financial goal.  How long would it take to make a million dollars from your investments?  This calculator provides an answer.

This investment calculator allows you to input the average rate of return from your investments as well as allowing adjustment for inflation and capital gains taxes.  The investment calculator is developed in JavaScript and runs in your web browser.  Just enter your financial goal, set the parameters, and click "Compute".

The default goal is one million dollars.  Depending on your retirement plans or financial goals, you can adjust the Investment Goal in the investment calculator up or down.

Investment Calculator by Dr. Penny Pincher How long to reach your financial goal? Copyright (c) 2014. All Rights Reserved http://pennypincherjournal.blogspot.com

INPUTS

Enter Investment Goal ($):

Enter Starting Investment Amount ($):

Enter Monthly Investment Contribution ($):

Enter Average Annual Rate of Return (%):

Adjust for Inflation?: Enter annual inflation rate (%):

Adjust for Capital Gains Taxes?: Enter capital gains tax rate (%):

RESULTS

Time to Reach Investment Goal (years):

Amount Obtained in Current Dollars ($):

Total Gains from Investment ($):

Total Capital Invested ($):

Investment Calculator Instructions

Enter Investment Goal ($):
How much are you trying to accumulate from your investments?

Enter Starting Investment Amount ($):
If you a current investment to use as a starting point, you can enter that amount.  Otherwise enter 0 if you do not have any investment already.

Enter Monthly Investment Contribution ($):
Inter the amount you can invest every month going forward.

Enter Average Annual Rate of Return (%):
The long-term historical return from the stock market is about 8%, including the Great Depression and other economic downturns.

This page provides a good reference on compound interest calculations.  Monthly compounding of investment returns is used in the Investment Calculator.

Adjust for Inflation?:
The Investment Calculator allows you to choose whether or not to adjust your investment goal for the effects of inflation.  The long-term average rate of inflation is around 3%.  You may want to adjust your goal for inflation  If your investment goal is to reach one million dollars, you will need more than one million dollars in the future to purchase what one million dollars can buy today.  Since prices are rising slowly but steadily, you can automatically adjust your investment goal to account for inflation.

Adjust for Capital Gains Taxes?:
If you are investing in taxable investment accounts, you'll want to account for capital gains taxes.  For example, if you make $1000 of gains from an investment and you have to pay 28% capital gains tax, you'll need to come up with $280 for the IRS.  If you check the capital gains option, the tax payment is taken from your investment amount.

If your investment is in ROTH, IRA, 401K, or other tax-deferred investment accounts, you will not need to pay capital gains taxes if you follow the rules.

When payment of capital gains tax is selected, the total gains plus total capital invested will exceed the account balance result.  The difference between these totals reflects the removal of funds to pay taxes as capital gains are realized.

Investment Calculator Results

Time to Reach Investment Goal (years):
This result shows how long it will take to reach your investment goal in years, based on the input parameters.  If it will take more than 100 years to reach your goal, the calculator returns "More than 100!" for the time that it will take.  If this happens, either try investing more or choose a smaller goal.

Amount Obtained in Current Dollars ($):
This result is the amount obtained at the time your goal is reached.  The Investment Calculator uses monthly totals, so the amount obtained may be slightly larger than the goal at the end of the last month of your investment.  If you adjust for inflation, the amount obtained can be significantly more than your goal- this reflects the reduced value of money in the future due to inflation.

Total Gains from Investment ($):
The total gain from your investment is shown.

Total Capital Invested ($):
Your total investment of capital is shown.


Recommended Reading:
How to Make 1 Million Dollars by Investing Your Car Payment

How to Get Rich

Penny Pincher Journal

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Mortgage Payment Calculator

Mortgage Payment Calculator

The Mortgage Payment Calculator below estimates your monthly mortgage payment.  Enter your home's value, the amount borrowed, and interest rate to find out your monthly payment.  The Mortgage Payment Calculator is written in JavaScript and runs in your web browser.  Find out your mortgage payment right now for free!

If you know your tax or insurance cost, you can enter these costs into the calculator.  If you don't know the tax and insurance costs, the Mortgage Payment Calculator also estimates your property taxes and insurance costs and calculates your monthly payment including principal, interest, taxes, and insurance.

Mortgage Payment Calculator by Dr. Penny Pincher Calculate monthly home mortgage payments Copyright (c) 2014. All Rights Reserved http://pennypincherjournal.blogspot.com
Enter value of home ($):
Enter amount borrowed ($):
Enter interest rate (%):
Enter length of loan (years):
Step 1:	Click to Compute Monthly Principal and Interest Payment and Typical Taxes and Insurance
Principal + Interest Monthly payment ($)=
Taxes + Insurance Enter annual property tax ($): (typically 1.38% home's value) Enter annual insurance cost ($): (typically 0.35% home's value)
Principal + Interest + Taxes + Insurance Monthly payment ($)=
Step 2:	Optional: Click to Update Total If You Want Enter Your Own Tax & Insurance Costs

Mortgage Payment Calculator Instructions

Enter the basic information required to calculate mortgage payment amounts in the top lines of the calculator:

• Value of your home
• Amount borrowed
• Interest rate, for example enter '5' for 5% interest
• Length of loan in years

Click "Compute" to see your monthly mortgage payment for principal and interest.  The calculator will automatically calculate typical property tax and insurance cost based on the home's value and enter these in the calculator.

The calculator will also calculate your total monthly mortgage payment including principal, interest, taxes, and insurance.

Optional: If you know your actual property tax or insurance costs, you can replace the automatically calculated estimates and enter your own values.  Click "Update" to update the monthly mortgage cost using your own figures for taxes and insurance.

This monthly payment formula is used in the Mortgage Payment Calculator.

Penny Pincher Journal

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Walking Time Calculator- How Long Would It Take to Walk?

Walking Time Calculator

Walking is an easy form of exercise that requires no special equipment.  You can save money by walking instead of driving- but how long will it take to walk to your destination?  Find out with the Walking Time Calculator!

Find how long it takes to walk any distance using this simple walking time calculator.  Select the units you would like to use for distance: miles, kilometers, or blocks.  Select your walking speed: leisurely, purposeful, or brisk.  This article describes the different walking speeds.  Input your walking distance and push "Compute".  The time required to walk the given distance at the selected walking speed will be displayed.

Walking Time Calculator by Dr. Penny Pincher Copyright (c) 2014. All Rights Reserved http://pennypincherjournal.blogspot.com
Units: Miles Kilometers Blocks (650 feet)	Walking Speed: Leisurely (3.1 mph/5.1 km/hr) Purposeful (4.2 mph/6.8 km/hr) Brisk (5.9mph/9.5 km/hr)	Enter distance to Walk:
Result: Time to Walk= seconds
Result: Time to Walk= minutes
Result: Time to Walk= hours

* Remember to click "Compute" to update the results when you change units, speed, or distance!

Your walking time is calculated and is presented in seconds, minutes, and hours.  The resulting time in seconds is equivalent to the time in minutes, which is equivalent to the time in hours.  The different time units are shown to allow you to look at the result that makes sense based on your walking distance.

Walking Time Calculator Instructions

The Walking Time Calculator calculates your walking time in seconds, minutes, and hours and give you the answer for how long it takes to walk any distance.  Simply set the units that you wish to use to enter your walking distance, type in the distance, and click "Compute".

Walking Speed Calculator Input

• Leisurely walking speed is actually the average human walking speed of 3.1 mph which is 5.1 km/hr.  
• Purposeful walking is the speed people walk when they want to get somewhere- it is a comfortable walking speed for most people at 4.2 mph or 6.8 km/hr.
• Brisk walking speed at 5.9 mph or 9.5 km/hr is very fast walking- most people could not sustain a brisk walking speed without being in top condition.  Typically, you only see people walking at brisk walking speed during training or perhaps at an airport trying to catch a flight.

Walking Distance Calculator Input
I included units of blocks since people often think in terms of blocks when walking in a city.  Blocks are different lengths in different places- blocks are even different lengths within the same city.  In my area, blocks are about 650 feet long on average.

Walking Time Calculator Outputs
All of the results outputs from the Walking Time Calculator are equivalent- you get your walking time presented in seconds, the same walking time presented in minutes, and the same walking time presented in hours.

The walking calculator result is output in seconds, minutes, and hours so you can pick the one that makes sense based on the distance you are walking.  For example, if you are only walking a few blocks then the result in minutes would be the most useful.  If you are walking a long distance, the result in hours is easier to comprehend than looking at a very large number of seconds.  If you want to check walking time for very short distances, the results in seconds is easiest to understand.

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Everlast Punching Bag: Heavy Bag and Speed Bag

Everlast Punching Bag

When most people talk about a punching bag, they mean a heavy bag.  A heavy bag is a bag about 4 feet tall and 18 inches across.  My Everlast 4008 Traditional Heavy Bag weighs 80 pounds.  The other type of punching bag the people think of is a speed bag.

A speed bag is a small punching bag about the size of a basketball that is attached to a wooden platform.  You punch the speed bag and it bounces back rapidly.  My Everlast speed bag provides good hand-eye coordination training and aerobic exercise.

Everlast Heavy Bag

A heavy bag is about the size of a person's torso- just right for punching as hard as you can.  I wear Everlast Neoprene Heavy Bag Gloves when I punch my heavy bag.

Punching a heavy bag is great exercise, both for building upper body muscle and for aerobic exercise.  I have been working with a heavy bag for about 10 days and the difference is noticeable.  I look and feel stronger already.

Everlast Heavy Bag installed in my basement
Image Source: Dr. Penny Pincher

A heavy bag work-out is intense.  I do one exercise where I rapidly punch the bag and keep it lifted up with my punches for perhaps 30 seconds or so.  I also spend some time working on jabs.  I know almost nothing about boxing.  The punching bag was a Christmas present for my teenage sons and I use it just for fun.

Installing an Everlast Heavy Bag

Punching Bag Stand
If you don't want to mess with attaching hardware to your ceiling, you can get a free-standing heavy bag stand such as this Everlast Heavy Bag Stand .  The main advantage of using a stand over permanent mounting is that a punching bag stand allows you to easily place the heavy bag anywhere you want to work out.  You can move the bag without installing or uninstalling anything- just move the stand.

The main disadvantages of a stand are that it is an extra item to purchase, and that it restricts your movement and access to the heavy bag somewhat during a workout.  For some people, using a punching bag stand is more convenient than attaching a heavy bag hanger to the ceiling.



Ceiling Attachment
I installed my Everlast traditional heavy bag using lag bolts to attach it to a joist in my basement ceiling.  I used a Everlast Wood Beam Heavy Bag Hanger to mount my heavy bag to the ceiling joist.



My house is new construction- usually a good thing.  However, the joists are engineered material rather than solid wood.  The joists use what looks like OSB and plywood rather than solid wood.

Since the joists are not solid wood, I wanted to beef the area up a bit before hanging the heavy bag.  I used deck screws to attach 1x2 pine boards above the bottom edge of the joist.  I screwed the 1x2's from the sides and also screwed through the bottom edge of the joist into the 1x2's to add some strength.  I did not want the lag bolts to pull through the bottom of the joist, and I did not want the bottom board of the joist to separate from the 3/4" OSB part of the joist.  If you look closely at the pictures below, you can see two of the four green deck screws that I used to strengthen the board on the bottom of the joist by screwing it into the 1x2 bracing through the bottom.

Added Bracing (1x2 boards) to strengthen bottom board of engineered joist for heavy bag hanger
Image Source: Dr. Penny Pincher

Installation of Everlast Heavy Bag in Ceiling Joists using Heavy Bag Hanger
Image Source: Dr. Penny Pincher

After hanging the bag, I noticed that the joist would flex side-to-side as the bag was swinging.  I did not want to fatigue the joist, so I added some 2x4 bracing to stabilize the joist.  I cut some 2x4 scraps to length to get a friction fit, and I nailed the bracing in place so it wouldn't fall out when the bag is swinging.

Using the Heavy Bag Hanger along with some bracing did the job.

Everlast Speed Bag

My kids also got an Everlast Leather Speed Bag  and Everlast Elite Adjustable Speedbag Platform for Christmas.  They must have been really good all year!

Everlast Speed Bag installed in my basement
Image Source: Dr. Penny Pincher

The speed bag was simpler to install than the heavy bag.  I have exposed wall studs behind a vapor barrier in the basement wall.  The lag bolts were not included with the platform kit, so a quick trip to the hardware store was required to pick up 4 lag bolts.  I drilled out holes so that the lag bolts could be installed without cracking the studs.  The picture below shows a close-up of the installation of the speedbag platform to the wall studs.

Everlast Speed Bag Platform is attached to the wall using 4 lag bolts.  One of the 4 is shown at the far left.
Image Source: Dr. Penny Pincher

The Everlast Speed Bag Platform allows about 8 inches of height adjustment.  My first attempt to install the platform resulted in the speed bag being too low for anyone to use.  The bottom of the speed bag should be about chin high.  I had to take the platform off of the wall and re-install it with the top board near the ceiling to get the platform high enough.  The height that worked for me was with the top board installed 90 inches (7' 6") from the floor.

Everlast Boxing Gloves

But wait, there's more!  My kids also got Everlast Neoprene Heavy Bag Gloves.  These work with both the heavy bag and the speed bag.  I got tired of borrowing my kids' gloves, so I ordered my own pair.




Punching a heavy bag would be hard on the hands without gloves.  These gloves work great.  I use the heavy bag gloves on the speed bag as well.

Everlast Punching Bag Gym

I am surprised how much fun it is to have punching bags in my basement.  I like to alternate between the speed bag and the heavy bag.  Sometimes I use the heavy bag at the same time as one of my kids, punching from the opposite side.  I like the quick workout you can get from punching bags- it only takes a few minutes to get some serious exercise.


Recommended Reading:
The Perfect Multi-gym Pull-up Bar- with installation tips

Cheap Bikes For Sale- How to Get a Bike for Almost Free!

Penny Pincher Journal

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How Can a Bad Gas Cap Cause a Check Engine Light?

Why Is It Important to Tighten Your Gas Cap?

When you replace your gas cap after filling up at the gas station, you have probably noticed that the gas cap clicks as you tighten it.  There is usually a sticker or a note on the gas cap that indicates to tighten it at least 3 clicks.  Some vehicles have a note that says the check engine light may come on if you do not tighten the gas cap at least 3 clicks.  Why is the engine so sensitive to the gas cap?

A Bad Gas Cap Can Cause the Check Engine Light to Turn On
Image Source: Dr. Penny Pincher

The Gas Cap Helps Capture Fuel Vapors

The gas cap is part of the evaporative emission control system on a vehicle.  In the old days, gas caps simply had a small hole to allow fuel vapor to vent.  Modern vehicles have a system in place to capture these fuel vapors and prevent uncombusted hydrocarbons from escaping into the atmosphere.  Fuel vapors from the gas tank are routed through vacuum lines and the fuel vapor is condensed and fed into the engine, allowing the fuel to be burned in the vehicle's engine.

Why Does a Bad Gas Cap Cause the Check Engine Light to Turn On?

The evaporative emission control system has sensors to monitor for leaks to detect if fuel vapor is escaping.  If pressure is not maintained in the system, the check engine light comes on to indicate that fuel vapor is leaking.  One source of a leak can be a bad gas cap, a missing gas cap, or a gas cap that is not tightened fully.

Check Engine Light from Evaporative Emision Control System Fault- Bad Gas Cap
Image Source: Dr. Penny Pincher

Can Replacing the Gas Cap Turn Off the Check Engine Light?

Since tightening or even replacing a gas cap is easy and inexpensive, it is often the first thing to try to resolve a check engine light related to the evaporative emission control system.  You can use a OBD II code reader or scan tool to find information about the cause of the check engine light fault in your vehicle.  There are several codes related to the evaporative emission control system that could be caused by a bad gas cap:

• P0440
• P0455
• P0442

A Bad Gas Cap can Cause the Check Engine Light to Stay On
Image Source: Dr. Penny Pincher

Diagnostic Scan Tool from Amazon- read your own engine fault codes on any car 1996 or newer...

If you have one of these faults, make sure you have tightened your gas cap at least 3 clicks.  If your cap is tight and you still have the check engine light on, consider replacing the gas cap.  The cost of a replacement gas cap is about $15.  There are many possible causes for evaporative emission faults, but you can easily replace the gas cap yourself for a few dollars.  If you are lucky, this will resolve your check engine light.

The on-board computer may require a number of starts without detecting a fault to clear the check engine light, so it may take a few weeks to see if a new gas cap cleared the fault.  You can use a OBD II diagnostic scan tool tool to clear the fault.  This will turn off your check engine light so you can easily see if it returns or not with a new gas cap.

If tightening your gas cap or replacing your gas cap with a new one does not clear your check engine light, you may need to take your vehicle to a mechanic to diagnose the problem.

How I Made My Check Engine Light Turn Off By Replacing the Gas Cap

The check engine light on my car came on.  I used a code scanner to check the fault code and found the following fault codes:

• P0440 Evaporative Emission
• P0441 Canister Purge Valve

These fault codes can be caused by a number of issues with the evaporative emission control system, including the pressure pump, vacuum line leaks or a bad solenoid.  A faulty gas cap can also cause these faults.  I noticed that the gas cap was not clicking very firmly when I tightened it.  I decided to try replacing the gas cap since it was easy to do and does not cost very much.

I spent a few dollars extra to get an OEM gas cap from a dealer parts counter.  The advantage was that this gas cap included the plastic line that hooks onto the inside of the fuel door so you can allow the gas cap to hang while you are filling up.  The disadvantage of buying an OEM fuel cap was that it cost $22.  A generic gas cap costs about $5.

The result:  My check engine light turned off within a few days after replacing the gas cap.

Penny Pincher Journal

Copyright © 2013 Dr. Penny Pincher.  All Rights Reserved.  Privacy Policy

Fresh Step Paw Points: Get Free Stuff with Paw Points Rewards

What are Paw Points?

Paw Points is a reward program associated with Fresh Step cat litter.  When you buy a package of Fresh Step cat litter, the box may contain a coupon you can cut out that has a Paw Points code printed on the back.  Some packages of Fresh Step have a plastic envelope inside that contains the Paw Points coupon.  Don't throw this away- you can get free stuff if you save your Paw Points.

Stack of Fresh Step Paw Points
Image Source: Dr. Penny Pincher

The large boxes of cat litter typically have a 50 Paw Points coupon, and smaller boxes have a coupon for 25 Paw Points.  I have also seen 45 point denominations.  The Paw Points codes can be entered at the Fresh Step website.  You can use Paw Points to get prizes and discounts on future cat litter purchases.

I have collected thousands of Paw Points!
Image Source: Dr. Penny Pincher

What Rewards and Free Stuff Can You Get with Paw Points?

At the Fresh Step website, there is a catalog of rewards.  Some examples of items you can get for free using Paw Points:

• Cat grooming items
• Cat toys
• Magazine subscriptions
• Pet photo merchandise
• $3 off Fresh Step coupon (costs 325 points)
• Cat litter scoops
• Cat litter mats

Automatic Litterbox Bargain from Amazon!

How Do You Get Paw Points?

You can find Paw Points on cardboard Fresh Step packaging.  It has a dotted line printed around the certificate- cut this out with scissors.  On the back, there is a Paw Points code that you can enter at the Fresh Step website to register your Pwaw Points.  You can also look through the rewards catalog and decide how to spend your Paw Points.

Paw Points from Fresh Step Cat Litter
Image Source: Dr. Penny Pincher

How Much Are Paw Points Worth?

You can't exchange Paw Points for cash, but you can use Paw Points to get savings on cat liter.  For example, you can get a $3 off coupon for 325 Paw Points.  This puts the value of Paw Points at about $1 for 100 Paw Points.  So Paw Points are worth about 1 cent each.

You can purchase Paw Points on eBay.  Some people end up with Paw Points codes and have no use for them.




Recommended Reading:
Do Cat Claw Caps Work?  Are Claw Caps a Good Alternative to Declawing?

Hypoallergenic Cats- Best Cats if You Have Allergies

Penny Pincher Journal

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